Wishing everyone a very Happy Diwali and a prosperous Samvat 2073
BANK NIFTY
This week Bank Nifty spot went up 212 points and went down 459 points over last weeks close and finally ended the week with a loss of 155 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 19936 to confirm uptrend and Bank Nifty spot needed to break and sustain below 19486 to confirm downtrend for the week. Bank Nifty made a high of 19922.70 and a low of 19252.10 .
This week Bank Nifty triggered our short trade and completed our initial 3 targets giving around 300+ points from the short trade . Further downmove confirmation for this week was on breaking and sustaining below 19247 which did not get confirmed and Bank Nifty reversed to close 300 points up from the lows made. Had mentioned in the weekly post 6 weeks ago too that 'Bank Nifty has some support near 20080 levels which is also our trend continuation level for September month and once it breaks and sustains below the level it will indicate weakness in the current upmove ' . Have mentioned in the previous daily posts that 'once Bank Nifty breaks below our immediate support of 19702 - 19605 we can expect the next support of 19495 which is also our trend reversal level of September to be tested. Once it sustains below 19495 then we may see it test the next supports of 19315 - 19185 levels. Incase of a break of 19050 level Bank Nifty has a small support near 18885 - 18835 levels . We had seen Bank Nifty make a low of 18824.40 in the month of October and take support near 18885 - 18835 levels . Had mentioned in the weekly post 2 weeks ago that 'We have seen a correction now of nearly 1200+ points from our caution level of 20080 given 6 weeks ago'. Incase Bank Nifty breaks and sustains below 18825 then we can expect a small support near 18715 - 18570 levels . Had also mentioned in the previous weekly post that 'Bank Nifty has managed to hold 18835 levels on closing for the past 2 days and on continuing the same we should see a retest of 19315 - 19495 levels and above it till 19605 - 19702 levels' and we saw Bank Nifty make a high of 19922 last week and gave a move of nearly 1000 points from the lows of 18825 spot made in October . In October Bank Nifty had managed to give us a consecutive close above 19737 spot which was its uptrend continuation level but Nifty did not do the same and dragged Bank Nifty down along with it .
For the month of November we can expect uptrend in Bank Nifty Spot on a consecutive close above 19840 and downtrend continuation would be on a consecutive close below 19207 .
In the coming week Bank Nifty spot needs to break and sustain above 19759 to confirm uptrend and then one can expect a move till 19977 initially and breaking and sustaining above 20028 will give further confirmation of the next move which can take us till 20417 . Similarly Bank Nity spot needs to break and sustain below 19353 to confirm downtrend and then one can expect a move till 19135 initially and breaking and sustaining below 19084 will give further confirmation of the next move which can take us down till 18695 .
Bank Nifty Spot Levels for the week are
Long above 19682 , Tgt 19759 - 19822 - 19885
IF Bank Nifty spot manages to get a close / sustain above 19977 then
long again for 20028 - 20214 - 20417
Short below 19430 , Tgt 19353 - 19290 - 19227
IF Bank Nifty spot manages to get a close / sustain below 19135 then
short again for 19084 - 18898 - 18695
P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .
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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.
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